DENVER and SEATTLE — April 5, 2019— Berkadia today announced the $21.85 million sale of Central Denver Portfolio, a 64-unit multifamily portfolio in Denver. Senior Directors John Laratta and Nick Steele and Associate Director Tyler L. King of the Denver office, along with Senior Managing Director Kenny Dudunakis and Senior Directors Ben Johnson and David Sorensen of the Seattle office, handled the sale on behalf of the seller, Illinois-based The Inland Real Estate Group of Companies, Inc. The buyer was Washington-based Abulhosn Family LLC, and the deal closed March 13.
“There was a tremendous amount of interest in the properties. The irreplaceable infill locations coupled with the strong cash flow potential attracted a wide range of buyers throughout the U.S.,” said Laratta. “We continue to see strong demand for well-located multifamily assets in the Denver market due to the solid local economy and continued sound market fundamentals.”
The Central Denver Portfolio consists of two properties, Emerson Lofts and Ascent Uptown. Located at 777 Emerson St., Emerson Lofts features one-, two- and three-bedroom floor plans with floor-to-ceiling windows, granite countertops, dishwashers, microwaves and washers and dryers. Community amenities include a community garden, a heated garage, bike racks and covered parking.
Located at 1691 Franklin St., Ascent Uptown features studio and one-bedroom floor plans with wood flooring, washers and dryers, stainless steel appliances and granite countertops. The property features the attached retail dining options of Patxi’s Pizza and Olive & Finch, secured building access and reserved parking.
Both properties afford convenient access to all three major employment bases including downtown Denver’s Central Business District (CBD), Cherry Creek and The Denver Tech Center (DTC).